PROVIDENCE, RI-The building that Mr. Potato Head calls home has changed hands. Oak Brook, IL-based Inland Diversified Real Estate Trust has paid $29.8 million for 15 Lasalle Sq., a six-story office property here that’s 100% occupied by Hasbro Inc. as its corporate headquarters. The seller of the 135,908-square-foot property, also known as One Hasbro Place, was Berkeley Investments Inc., headquartered in Boston.
Joe Cosenza, president of Inland Real Estate Acquisitions Inc. and a vice chairman of the Inland Real Estate Group Inc., tells GlobeSt.com that Berkeley had spent $8 million to renovate the property for its new tenant. Hasbro then spent another $12 million on further improvements, with an eye toward relocating 300 sales and marketing employees to the property.
The property was vacant when the toy company signed the lease last February, Cosenza says. It was formerly occupied by Blue Cross & Blue Shield of Rhode Island.
In a statement, Cosenza says Hasbro’s “substantial financial investment” in a property where the company signed a 12-year lease “indicates a desire to remain in One Hasbro Place for the long term. With a BBB+ rating from Standard and Poor’s and a stable of some of the most popular toy brands, we believe Hasbro is a very strong tenant for a property of this type and an asset to downtown Providence.”
Cosenza and Inland had been in Providence before. In 2008, the firm sold the Bank of America at 111 Westminster St. tower here, known locally as “the Superman building” for its resemblance to the Daily Planet tower in the 1950s TV series, to High Rock Westminster Street LLC for $33 million. Inland had acquired the BofA building, the tallest in the state, in 1997.
On the Hasbro HQ deal, Berkeley was represented by Alden Anderson and Bill Moylan of CBRE-New England.